Baylin Technologies Inc reports 4.1% revenue decline in 2015 and 0.51 pp EBITDA Margin decline from -19.7% to -20.2%
09.03.2016 • About Baylin Technologies Inc (
$BYL) • By InTwits
Baylin Technologies Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Baylin Technologies Inc doesn't have a profitable business model yet: 2015 ROIC is -29.2%
- The company operates at negative EBITDA Margin: -20.2%
- The company has unprofitable business model: ROIC is at -29.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Baylin Technologies Inc ($BYL) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 50.297 | 68.709 | 80.071 | 44.870 | 43.026 | -4.1% |
| Gross Profit | 20.176 | 22.924 | 25.461 | 9.002 | 9.091 | 1.0% |
| SG&A | 2.550 | 2.644 | 2.760 | 13.189 | 14.444 | 9.5% |
| EBITDA | 4.413 | 7.030 | 6.155 | -8.848 | -8.704 | -1.6% |
| Net Income | -2.561 | 1.376 | 0.829 | -14.068 | -14.670 | 4.3% |
Balance Sheet
|
|---|
| Cash | 3.302 | 6.997 | 45.058 | 23.747 | 11.426 | -51.9% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 6.372 | |
| Long Term Debt | 0.615 | 0.206 | 3.291 | 0.642 | 0.000 | -100.0% |
Cash flow
|
|---|
| Capex | | | 6.130 | 7.066 | 0.873 | -87.6% |
Ratios
|
|---|
| Revenue growth | 13.6% | 36.6% | 16.5% | -44.0% | -4.1% | |
| EBITDA growth | -1,315.7% | 59.3% | -12.4% | -243.8% | -1.6% | |
| Gross Margin | 40.1% | 33.4% | 31.8% | 20.1% | 21.1% | 1.1% |
| EBITDA Margin | 8.8% | 10.2% | 7.7% | -19.7% | -20.2% | -0.5% |
| Net Income Margin | -5.1% | 2.0% | 1.0% | -31.4% | -34.1% | -2.7% |
| SG&A, % of revenue | 5.1% | 3.8% | 3.4% | 29.4% | 33.6% | 4.2% |
| CAPEX, % of revenue | | | 7.7% | 15.7% | 2.0% | -13.7% |
| ROIC | | 66.4% | 9.5% | -22.0% | -29.2% | -7.3% |
| ROE | | 15.4% | 2.4% | -26.8% | -38.8% | -12.0% |
| Net Debt/EBITDA | -0.6x | -1.0x | -6.8x | | | 0.0x |
Revenue and profitability
Baylin Technologies Inc's Revenue decreased on 4.1% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 10.4 pp from 25.5% to 35.9% in FY2015.
Gross Margin increased slightly on 1.1 pp from 20.1% to 21.1% in 2015. SG&A as a % of Revenue increased on 4.2 pp from 29.4% to 33.6% in 2015.
Net Income marign decreased on 2.7 pp from -31.4% to -34.1% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 2.0%. Baylin Technologies Inc's CAPEX/Revenue increased2.0 pp from in 2012 to 2.0% in 2015. Average CAPEX/Revenue for the last three years was 8.5%.
Return on investment
The company operates at negative ROIC (-29.23%) and ROE (-38.77%). ROIC decreased on 7.3 pp from -22.0% to -29.2% in 2015. ROE dropped on 12.0 pp from -26.8% to -38.8% in 2015.
Leverage (Debt)
Debt level is -3.5x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in 2015. Debt surged on 893% in 2015 while cash dropped on 51.9% in 2015.
Appendix 1: Peers in Industrial
Below you can find Baylin Technologies Inc benchmarking vs. other companies in Industrial industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Electrovaya Inc ($EFL) | | -4.0% | -71.2% | 160.5% | 123.8% |
| Enterprise Group Inc ($E) | 14.5% | 3.5% | 88.3% | 128.5% | |
| Carmanah Technologies Corp ($CMH) | 5.8% | -26.4% | -2.0% | 68.8% | |
| Exco Technologies Ltd ($XTC) | | 19.7% | 0.9% | 50.5% | 35.3% |
| Lumenpulse Inc ($LMP) | | 56.7% | 33.9% | 47.0% | 61.8% |
| |
|---|
| Median (92 companies) | 9.2% | 10.4% | 4.9% | 9.4% | 8.3% |
|---|
| Baylin Technologies Inc ($BYL) | | 36.6% | 16.5% | -44.0% | -4.1% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| WSP Global Inc ($WSP) | 81.1% | 81.1% | 83.2% | 81.0% | |
| Pure Technologies Ltd ($PUR) | 75.7% | 77.9% | 78.0% | 77.5% | |
| Alarmforce Industries Inc ($AF) | 76.4% | 75.0% | 76.5% | 72.2% | 69.2% |
| Epicore BioNetworks Inc ($EBN) | 59.0% | 60.8% | 63.2% | 64.1% | 58.1% |
| FLYHT Aerospace Solutions Ltd ($FLY) | 54.0% | 57.2% | 59.2% | 62.9% | |
| |
|---|
| Median (88 companies) | 23.2% | 23.0% | 23.3% | 23.1% | 24.7% |
|---|
| Baylin Technologies Inc ($BYL) | 40.1% | 33.4% | 31.8% | 20.1% | 21.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Canadian National Railway Co ($CNR) | 46.3% | 46.5% | 45.9% | 46.8% | 50.9% |
| Canadian Pacific Railway Ltd ($CP) | 28.1% | 26.1% | 32.4% | 43.7% | 48.9% |
| Vitreous Glass Inc ($VCI) | 29.0% | 31.4% | 32.2% | 37.8% | 39.0% |
| Questor Technology Inc ($QST) | 25.1% | 25.7% | 34.9% | 34.1% | |
| Progressive Waste Solutions Ltd ($BIN) | 32.2% | 30.7% | 33.1% | 34.0% | 9.8% |
| |
|---|
| Median (85 companies) | 8.1% | 9.2% | 8.3% | 7.7% | 9.5% |
|---|
| Baylin Technologies Inc ($BYL) | 8.8% | 10.2% | 7.7% | -19.7% | -20.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cargojet Inc ($CJT.A) | 6.8% | 7.0% | 6.3% | 54.1% | 41.3% |
| Newalta Corp ($NAL) | 17.2% | 21.7% | 34.5% | 35.1% | 42.0% |
| Enterprise Group Inc ($E) | 3.6% | 17.4% | 27.2% | 32.7% | |
| ENTREC Corp ($ENT) | | 35.0% | 26.7% | 29.5% | 18.0% |
| Horizon North Logistics Inc ($HNL) | 25.1% | 26.5% | 16.3% | 24.1% | 14.7% |
| |
|---|
| Median (92 companies) | 2.7% | 3.0% | 3.5% | 3.1% | 4.3% |
|---|
| Baylin Technologies Inc ($BYL) | | | 7.7% | 15.7% | 2.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vitreous Glass Inc ($VCI) | 26.1% | 30.5% | 32.3% | 48.3% | 51.0% |
| Photon Control Inc ($PHO) | 10.1% | 21.0% | 44.4% | 38.0% | |
| SNC-Lavalin Group Inc ($SNC) | 14.6% | 10.7% | 4.0% | 35.2% | 11.4% |
| Alarmforce Industries Inc ($AF) | 18.3% | 5.3% | 24.0% | 33.9% | 19.0% |
| Epicore BioNetworks Inc ($EBN) | 24.8% | 28.1% | 16.1% | 32.5% | 26.3% |
| |
|---|
| Median (93 companies) | 9.0% | 9.3% | 8.5% | 9.1% | 9.7% |
|---|
| Baylin Technologies Inc ($BYL) | | 66.4% | 9.5% | -22.0% | -29.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sigma Industries Inc ($SSG) | | 4.4x | 11.3x | 225.9x | 2.9x |
| H2O Innovation Inc ($HEO) | | | 4.2x | 73.2x | 1.6x |
| Grand Power Logistics Group Inc ($GPW) | | 47.8x | | 53.1x | |
| Cargojet Inc ($CJT.A) | 1.8x | 1.5x | 1.5x | 31.5x | 12.9x |
| IBI Group Inc ($IBG) | 4.2x | 6.5x | | 8.3x | |
| |
|---|
| Median (73 companies) | 1.1x | 1.5x | 1.5x | 1.3x | 1.6x |
|---|
